Apple to launch Apple Upgrade leasing program backed by Klarna on July 28

Published Jul 22, 06:17 PM UTC

Apple is replacing its iPhone financing and Upgrade Program with a new leasing program called Apple Upgrade, backed by Klarna, launching July 28 in the US. The program offers 24-month terms for iPhone and Apple Watch, and 36-month terms for Mac and iPad, with options to return, keep, or upgrade early. This shift follows Apple's June 25 price hikes across Macs, iPads, and Vision Pro due to a memory chip shortage, which pushed component costs higher. The leasing model lowers monthly payments to make higher-priced devices more accessible, but excludes budget models like the iPhone 16, entry-level iPad, Apple Watch SE, and MacBook Neo, targeting buyers one tier above the cheapest options. Apple will stop new enrollments in its existing financing programs as the new service rolls out.